Admitting the Failure
The Process you must trust while developing the financially solvent mindset is similar to developing a sixth sense about the future. As with all mental cultivation, the financial mind has its own set of meditations, mantras, and states. It is not to be future oriented, but to recognize the impact of your immediate choices on your future options.
That’s not quite how I would characterize you right now. Like most, you tend to spend your money in the right now. You end up embarrassed, so you dare not ask for the money to make ends meet. You either don’t want another lecture, feel like you’ve depleted a well, or you’ve convinced yourself that you are not in THAT much trouble.
Even more detrimental to the financial mind is the ability to dismiss the dissonance and emotion, to ask for the money seeking to make ends meet though you have no ability to plan. You know you will be in the same shape next month, but now is not next month. Stop paying and start planning. In finance this is called budgeting.
Some say that my insistence on presenting concepts that you are not ready to practice makes you less likely to practice them. I say it is your choice that keeps you from implementation. But, I understand your choice even better than you do. There are parts that are you fault and parts that are due to your ignorance. But, there are also parts that have to do with the system’s willful intention to keep you as a consumer. Allow me to expand your mind, your financial mind.
You refuse to be consistent, mindful, and proactive. Consistent with budget. Mindful of triggers and binge behavior supports. Proactive to order your life for contentment rather than to seek contentment in the moment. The are easily corrected because they are the solutions you fail to implement. Consistent use of your budget requires that you report each month on what you actually spent. Account for every dollar–even the cash expenditures and the use of the change from that $20. Cultivate a respect for each dollar. Mindfulness provides a pause when you are spending. Check your motivations. Determine whether this purchase is part of a plan, or if the purchase is to satisfy the excitement needs of your manic status or the comfort needs of your depressive cycle. Proactive financial order makes your contentment part of the financial plan. It is not a pressure of self-denial that builds until you have a wasteful financial explosion. It is a candle you light with a controlled burn providing continuous light and warmth.
You don’t know about credit, markets, or your buying power. Credit so that you pay less than you would otherwise. Markets so that you get more than you put in. Buying power so that you access the deals and discounts you are entitled to. Fix this like you would fix any deficit in knowledge, through learning. The Consumer Financial Protection Bureau is serious about going after fraud and predatory lenders, but they are also committed to educating the public on finance and increasing your financial literacy. You will want to take advantage of this and other training opportunities. You don’t know what you don’t know, and it’s costing you money each month with nothing in return.
You don’t realize that the system is rigged to keep you in the position of a consumer. You can be a producer. Producer has at least three options for engaging the system. They include the roles of creator, mediator, and aggregator. You thought the only way to make money is to be a laborer. It is not the only way. The creator invents something that others need and will pay for. The mediator makes connections between people and profits from their transactions. An aggregator makes connections between data, packages information, and sells to people wanting a greater understanding.
If you really want to get on the road to wealth building and legacy creation, you need Knowledge. Stop beating yourself up. Stop blaming the system. Start understanding what you can do to change your financial situation. The solution begins with changing your mind.